Governor Cuomo Launches $5 Billion Clean Energy Fund to Grow New York's Clean Energy Economy

Governor Andrew Cuomo recently announced the New York State Public Service Commission's approval of a 10-year, $5 billion Clean Energy Fund to accelerate the growth of New York's clean energy economy, address climate change, strengthen resiliency in the face of extreme weather and lower energy bills for New Yorkers starting this year. Additionally, the fund will attract and leverage third-party capital to support the Governor's aggressive Clean Energy Standard, one of the nation's most ambitious goals to meet 50 percent of our electricity needs with renewable resources by 2030.

"New York is a national leader in combating climate change and growing the clean energy economy - and today we are taking the next big step forward," Governor Cuomo said. "This unparalleled $5 billion investment will leverage more than $29 billion in private sector funding and open the door to new clean energy opportunities for years to come. We are raising the bar when it comes to increasing the use of renewable energy and reducing harmful carbon emissions, and I am proud that the Empire State is continuing to set the example for the future."

The $5 billion Clean Energy Fund, to be administered by the New York State Energy Research and Development Authority, builds on the progress the state is already making in developing a robust clean tech sector. The fund is projected to result in more than $39 billion in customer bill savings over the next 10 years through innovative projects and private-public partnerships focused on reducing greenhouse gas emissions, making energy more affordable through energy efficiency and renewable energy, and mobilizing private-sector capital. In addition to the $39 billion in overall customer savings, as a result of this Public Service Commission action, consumers and businesses are expected to see lower costs of $1.5 billion over the next 10 years, including an immediate reduction of $91 million from 2016 electric and gas costs compared to 2015.

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Date Posted: 2/18/2016